327,200 Shares in Lumen Technologies, Inc. $LUMN Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 327,200 shares of Lumen Technologies in the second quarter, valued at approximately $2.5 million. Institutional investors collectively own 66.19% of the company.
• Lumen reported a quarterly loss of $0.07 per share, beating expectations of a $0.13 loss, while revenue of $2.81 billion exceeded estimates but declined 9.3% year over year.
• Analysts remain cautious: multiple firms lowered their price targets, and Lumen has a consensus “Reduce” rating with an average target of $7.86, compared with shares trading at $6.82.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 327,200 shares of the technology company's stock, valued at approximately $2,513,000.

A number of other large investors also recently made changes to their positions in the business. Kemnay Advisory Services Inc. purchased a new stake in shares of Lumen Technologies in the fourth quarter valued at $25,000. Ascentis Independent Advisors purchased a new position in Lumen Technologies during the first quarter worth about $27,000. International Assets Investment Management LLC acquired a new stake in Lumen Technologies in the 4th quarter worth about $30,000. Versant Capital Management Inc boosted its stake in Lumen Technologies by 90.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company's stock worth $30,000 after buying an additional 1,860 shares during the last quarter. Finally, Trust Asset Management LLC purchased a new stake in Lumen Technologies in the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 66.19% of the company's stock.

Lumen Technologies Stock Performance

Shares of NYSE:LUMN opened at $6.82 on Friday. The stock has a 50-day simple moving average of $6.40 and a 200-day simple moving average of $7.51. The stock has a market capitalization of $7.04 billion, a P/E ratio of -6.69 and a beta of 1.78. Lumen Technologies, Inc. has a 1 year low of $5.45 and a 1 year high of $11.95.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.74 billion. During the same quarter in the previous year, the business posted ($0.03) EPS. The company's quarterly revenue was down 9.3% on a year-over-year basis. Analysts predict that Lumen Technologies, Inc. will post -0.52 earnings per share for the current year.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen Johnson bought 100,000 shares of Lumen Technologies stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares of the company's stock, valued at $613,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LUMN. The Goldman Sachs Group cut their price objective on shares of Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating on the stock in a report on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Wells Fargo & Company cut their price target on shares of Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a research note on Wednesday, August 5th. Citigroup decreased their price target on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. Nine analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $7.86.

Lumen Technologies Company Profile

Lumen Technologies, Inc NYSE: LUMN is a communications and technology company that provides connectivity, networking and digital services to businesses, government organizations and other institutions. Its offerings include fiber-based internet access, wide-area networking, ethernet, software-defined networking, managed network services, cloud connectivity, cybersecurity and unified communications.

The company operates one of the largest fiber networks in the United States and also provides international connectivity through its global network infrastructure.

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